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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments:    
Debt securities, available-for-sale, at fair value (amortized cost; $344,714 in 2023 and $434,119 in 2022; allowance for expected credit losses of $0 in 2023) $ 340,054 $ 426,597
Equity securities (cost; $24,281 in 2023 and $30,058 in 2022) 22,392 28,199
Total investments 362,446 454,796
Cash and cash equivalents 105,458 59,133
Restricted cash 9,108 29,486
Ceded unearned premiums 231,314 237,086
Premiums receivable 82,375 78,355
Accounts receivable 1,378 10,859
Receivable from reinsurer 3,953 58,882
Restricted funds withheld 11,129  
Receivable for securities 11,563 945
Reinsurance recoverable (net of allowance for expected credit losses of $200 in 2023) 621,229 578,424
Deferred policy acquisition costs 2,896 8
Federal income tax recoverable 2,598 2,668
Prepaid pension assets 201 163
Prepaid expenses 2,227 1,508
Other assets 22,390 24,389
Total assets 1,470,265 1,536,702
Liabilities:    
Senior unsecured notes due 2029 (less unamortized debt issuance cost of $623 in 2023 and $648 in 2022) 49,377 49,352
Subordinated debt securities (less unamortized debt issuance cost of $679 in 2023 and $691 in 2022) 56,023 56,011
Reserves for unpaid losses and loss adjustment expenses 835,903 880,869
Unearned premiums 294,019 292,691
Reinsurance payable 143,529 128,950
Payable for securities 979  
Accounts payable and other accrued expenses 66,900 68,535
Total liabilities 1,446,730 1,476,408
Commitments and contingencies (Note 18)
Stockholders' equity:    
Common stock, $1.00 par value, authorized 3,333,333 shares; issued 2,087,283 shares in 2023 and 2022 2,087 2,087
Additional paid-in capital 124,837 124,740
Retained (deficit) earnings (72,549) (33,407)
Accumulated other comprehensive loss (6,206) (8,492)
Treasury stock (268,801 shares in 2023 and 268,801 in 2022), at cost (24,634) (24,634)
Total stockholders' equity 23,535 60,294
Total liabilities and stockholders' equity $ 1,470,265 $ 1,536,702